Guest post by Mary Juetten, Founder & CEO Traklight
(Image Courtesy of Gratisography)
Ideas that are left undeveloped and kept secret are completely devoid of value. In fact, ideas themselves are not even intellectual property (IP). There is a reason that investors look for team, team, team (no, that’s not a typo), and lastly ideas. When they invest with your company, they know that their best chance at winning is to bet on the jockey (the inventor), not the horse (the idea) because it’s all in the execution. But what if you do not have the time, knowledge, or drive to execute your ideas?
Nontrepreneur
When I was in my early twenties—this was sadly almost thirty years ago—I was driving late at night on a country road in Ontario, Canada. Oncoming traffic was sparse but suddenly someone came around the corner with their blinding high beams on, causing me to nearly drive off the road.
Later, I described to my friend a device I thought should be on a car’s rear view mirror that, when detecting oncoming traffic, would turn your high beams off until opposing traffic passed. Neither an engineer nor an inventor at the time, I had no clue what to do with my idea. I also was majoring in accounting and had no time to start a business.
Today, my idea exists on cars, along with many other safety features. Of course, someone else thought of the idea and had the time to do something about it.
The idea of a nontrepreneur did not exist thirty years ago and is a relatively new concept that I think is brilliant. Nontrepreneurs are entrepreneurs that have great ideas, but no time to execute them. Starting and running a company is an incredibly challenging job and not for everyone.
My current company helps inventors and business owners discover and manage their intellectual property as well as ensure they have all the proper contracts and agreements in place to grow without any business or IP issues. As a result, I have spoken to over a thousand entrepreneurs (and likely many nontrepreneurs) over the last four years.
Below are my tips for nontrepreneurs applying to the WayFounder contest:
Shhh! Don’t tell anyone
There is this misplaced notion that you must toil away on your idea on your own and in private, for if you tell anyone your idea they will steal it. Secrets are very important but you will never get anywhere without the advice and support of others. Be smart and do not reveal anything that will be a trade secret, and simply tell people enough to get the help you need. Of course, when in doubt, always consult a professional first.
5% of zero is zero
If you are a nontrepreneur and you are applying to the contest, then I am talking to the converted; you understand that you are never going to develop this idea on your own. If you are still thinking that “only” being left with 5% of your idea is not worth sharing it, just remember my high beams story: if you keep it to yourself and do nothing, you will end up with nothing.
To patent, or not to patent
Whether or not to patent before applying for a contest or funding is a common question. While I cannot give legal advice, I can say that if you have an invention, it is prudent to patent before pitching or fundraising. Check out this recent article where a crowdfunding campaign was taken down because of concerns that the intellectual property was disclosed.
Have an answer
“How have you protected your IP?” and “What are the barriers to entry?” are common questions when pitching investors or applying to contests. While the fallback answer may be, “I don’t know but I will find out,” it’s much better to be prepared. If it is a public pitch, make sure you have protected your IP before you put it out there.
Best of luck Nontrepreneurs!
Read the press release on Yahoo! Finance by clicking here.
FOR IMMEDIATE RELEASE
October 15, 2014
WayFounder Launches Fall 2014 Competition
WayFounder Enlists Top Talent for Second Quarterly Competition Judging Panel
BEVERLY HILLS, OCTOBER 15, 2014 – WayFounder launched its second quarterly online competition today, which targets “Nontrepreneurs,” those who have great ideas but are unable to assume the financial or lifestyle risks involved with founding a company. The second competition features a new panel of celebrity judges seeking ideas for consumer product and mobile applications in three new categories of education, fitness and toys. WayFounder will also bring back categories of its spring 2014 competition in baby and parent, pets, and home and garden. Consumers with ideas outside of the six main areas may enter the Wild Card category.
WayFounder has added eight new guest judges to the lineup, whose expertise encompasses the new education, toy and fitness categories in addition to an expert in tech and apps.
New judges for fall competition:
- Maxine Clark, Founder, Build-A-Bear Workshop®judging the Toy Category
- Bianca Jade, Founder of Mizzfit.com Fitness Trend Expert judging the Fitness Category
- Jeffrey Cohen, CEO, Sylvan Learning Center, Inc. judging the Education Category
- Jennifer Jolly, Emmy award-winning tech journalist USA Today judging mobile app submissions
- Eddy Pham, CEO, ePCo judging all categories
- John R. Baudhuin, Founder and CEO, Mad Dogg Athletics judging the Fitness Category
- Ramit Varma, Co-founder, Revolution Prep judging the Education Category.
- Chris Raih, Co-Founder, Managing Director, Zambezi judging the Fitness Category
Judges returning from spring competition:
- Katie Cleary, President, Peace4Animals judging the Pet Category
- Linda Cooper, Retail Expert, Co-Host and Executive Producer of the “Live Love Laugh Today Show,” judging all categories
- Brett Marz, Co-founder and President, BAMKO judging all categories
- Justin Massion, Founder, JAM Studios judging all categories
- Kelly McConnell, CEO, Prince Lionheart, Inc. judging the Baby and Parent Category
- Steve Netzley, CEO, Havas Edge judging all categories
- Cynthia Wylie, Founder & CEO, Bloomers judging the Home and Garden Category
“Our team is honored to have these guest judges donating time and expertise to empower our users on their path to success. For most folks with big dreams but no experience in building a business it would be extremely difficult to have their ideas vetted and reviewed by industry leaders with this much experience,” said Founder and CEO Damon D’Amore.
The competition began today at 12:01am PST and will run through midnight PDT December 31, 2014. WayFounder will select one or more competition winners, rewarding them with a cash prize of $10,000, a commitment to spend up to $50,000 to bring the product idea to market, royalties on sales and the potential to earn equity if WayFounder invests an additional $250,000 to launch a new company based on the idea. Users can submit up to seven ideas – one per category – for a single entry fee on www.WayFounder.com.
The Spring 2014 competition resulted in three winning ideas submitted by four women across the nation, two individual submissions for product ideas and one team entry for a mobile application idea.
The WayFounder business model was inspired by D’Amore’s years in two start-up ventures he co-founded in the consumer product and web/mobile spaces. The hybrid venture fund/incubator model was created to provide a de-risked opportunity for ideas to flourish that would likely never funnel through the traditional incubator or venture ecosystems, as the idea-generators are not prepared to assume the lifestyle risk necessary to commit full-time to building their product idea. D’Amore has spent decades in finance, producing and marketing as a former Wall Street trader and broadcast producer for “The Apprentice” and “Undercover Boss.”
ABOUT WAYFOUNDER
WayFounder is built on the premise that great ideas come from everywhere. People from all walks of life have ideas for solutions to problems that aren’t currently offered by existing products in the market. They work full-time jobs; are students; or may simply lack the time, resources, experience, or capital to realize their vision. Consequently, many of these “Idea Generators” are left with just that, an idea.
WayFounder provides a platform and the resources for those ideas with the potential to become a business to succeed and grow into something scalable, sustainable, and lasting. WayFounder will contribute the team, capital, and resources to turn ideas into viable products.
Entrepreneurship, competition, idea generation, product development, startup financing, and distribution are constantly evolving. The founding process also needs to evolve. WayFounder aims to provide opportunity for a new breed of founders. The WayFounder Team and its Advisory Board, with decades of combined experience launching, funding, scaling, and running successful entrepreneurial businesses in consumer categories, ensure that winning ideas have the best chance of success.
MEDIA CONTACT
Damon D’Amore
WayFounder
(424) 253-1724
damon@wayfounder.com
Second Online Competition Will Feature Education, Fitness and Toy Categories
BEVERLY HILLS, Calif., Oct. 7, 2014 /PRNewswire-iReach/ — WayFounder has announced details around the launch of their second quarterly online competition, which targets “Nontrepreneurs,” those who have great ideas but are unable to assume the financial or lifestyle risks involved with founding a company. The second competition will seek ideas for consumer product and mobile applications in three new categories of education, fitness and toys. WayFounder will also bring back categories of its spring 2014 competition in baby and parent, pet and home and garden. Consumers with ideas outside of the six main areas may enter the Wild Card category.
“Last spring, our team, board and investors were thrilled with the results of our launch. The number of entries from all corners of the country, engagement metrics, quality of ideas and depth of detail in submissions all exceeded the expectations of our team and guest judges.” said Founder and CEO Damon D’Amore. The spring competition resulted in three winning ideas submitted by four women across the nation, two individual submissions for product ideas and one team entry for a mobile application idea.
The second competition will launch October 15, 2014 at WayFounder.com and run through December 31, 2014. Joining the judging panel will be “celebrity” guest judges for the newly added categories including CEOs, industry leaders and successful entrepreneurs. WayFounder will select one or more competition winners, rewarding them with a cash prize of $10,000, a commitment to spend up to $50,000 to bring the product idea to market, and royalties on sales and the potential to earn equity if WayFounder invests an additional $250,000 to launch a new company based on the idea.
The WayFounder business model was inspired by D’Amore’s years in two start-up ventures he co-founded in the consumer product and web/mobile spaces. The hybrid venture fund/incubator model was created to provide a de-risked opportunity for ideas to flourish that would likely never funnel through the traditional incubator or venture ecosystems, as the idea-generators are not prepared to assume the lifestyle risk necessary to commit full-time to building their product idea. D’Amore has spent decades in finance, producing and marketing as a former Wall Street trader and broadcast producer for “The Apprentice” and “Undercover Boss.”
ABOUT WAYFOUNDER
WayFounder is built on the premise that great ideas come from everywhere. People from all walks of life have ideas for solutions to problems that aren’t currently offered by existing products in the market. They work full-time jobs; are students; or may simply lack the time, resources, experience, or capital to realize their vision. Consequently, many of these “Idea Generators” are left with just that, an idea.
WayFounder provides a platform and the resources for those ideas with the potential to become a business to succeed and grow into something scalable, sustainable, and lasting. WayFounder will contribute the team, capital, and resources to turn ideas into viable products.
Entrepreneurship, competition, idea generation, product development, startup financing, and distribution are constantly evolving. The founding process also needs to evolve. WayFounder aims to provide opportunity for a new breed of founders. The WayFounder Team and its Advisory Board, with decades of combined experience launching, funding, scaling, and running successful entrepreneurial businesses in consumer categories, ensure that winning ideas have the best chance of success.
It was such a pleasure to meet three of the winners from our Spring 2014 competition! They all have so many great ideas WayFounder will be tapping into as our team begins developing their winning concepts into reality over the coming months. The press release announcing the Spring 2014 winners can be viewed by CLICKING HERE.
Home & Garden category winner Mary Ellen Simonsen (above)
